Blackline (NASDAQ:BL) Rating Increased to Buy at Zacks Investment Research

Blackline (NASDAQ:BL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports. The firm currently has a $92.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.96% from the company’s previous close.

According to Zacks, “BlackLine, Inc. is a provider of cloud-based solutions for Finance & Accounting which centralize and streamline financial close operations and other key F&A processes for midsize and large organizations. BlackLine, Inc. is headquartered in Los Angeles, California. “

Other analysts have also recently issued reports about the stock. ValuEngine cut shares of Blackline from a “buy” rating to a “hold” rating in a research report on Friday, May 1st. Robert W. Baird increased their target price on Blackline from $70.00 to $90.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Oppenheimer boosted their price target on Blackline from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, May 14th. Goldman Sachs Group increased their price objective on shares of Blackline from $54.00 to $71.00 in a research report on Monday. Finally, BidaskClub upgraded shares of Blackline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $71.89.

BL opened at $82.91 on Monday. Blackline has a 1 year low of $38.32 and a 1 year high of $84.99. The company’s 50 day simple moving average is $73.62 and its 200 day simple moving average is $61.35. The stock has a market capitalization of $4.67 billion, a PE ratio of -127.55 and a beta of 0.93. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.61 and a current ratio of 3.61.

Blackline (NASDAQ:BL) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.05. The company had revenue of $82.60 million during the quarter, compared to analysts’ expectations of $79.54 million. Blackline had a negative net margin of 11.87% and a negative return on equity of 2.61%. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.02 EPS. As a group, sell-side analysts expect that Blackline will post -0.28 earnings per share for the current fiscal year.

In related news, CFO Mark Partin sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $80.90, for a total value of $809,000.00. Following the sale, the chief financial officer now owns 109,588 shares of the company’s stock, valued at approximately $8,865,669.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mario Spanicciati sold 66,356 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $58.07, for a total value of $3,853,292.92. Following the transaction, the director now owns 18,347 shares of the company’s stock, valued at approximately $1,065,410.29. The disclosure for this sale can be found here. Insiders sold a total of 125,926 shares of company stock valued at $7,743,589 over the last ninety days. Company insiders own 13.44% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Redmond Asset Management LLC increased its position in Blackline by 0.5% in the 1st quarter. Redmond Asset Management LLC now owns 30,265 shares of the technology company’s stock valued at $1,592,000 after acquiring an additional 165 shares during the period. Ameritas Investment Partners Inc. increased its holdings in shares of Blackline by 5.2% during the first quarter. Ameritas Investment Partners Inc. now owns 3,841 shares of the technology company’s stock valued at $202,000 after purchasing an additional 190 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Blackline by 5.1% during the first quarter. Janney Montgomery Scott LLC now owns 5,357 shares of the technology company’s stock valued at $282,000 after purchasing an additional 259 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Blackline by 8.3% during the first quarter. Parallel Advisors LLC now owns 4,138 shares of the technology company’s stock valued at $217,000 after purchasing an additional 317 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in Blackline by 4.6% in the fourth quarter. Amalgamated Bank now owns 7,924 shares of the technology company’s stock worth $409,000 after purchasing an additional 351 shares during the period. 91.56% of the stock is owned by hedge funds and other institutional investors.

About Blackline

BlackLine, Inc provides financial accounting close solutions delivered primarily as Software as a Service in the United States and internationally. Its solutions enable its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, journal entry capabilities, and range of data matching capabilities.

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